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a time lashing over the fiscal cliff. the people's daily. did you ever read that one? they blasted our congress threatened to unleash what they called a self-created recession hurt the world economy. the paper went on to school lawmakers here saying that the u.s. should act like a responsible power. oh, boy. of course, china's interest is purely self-interest here. the last thing he needs it needs is a swdown in consumer spending. after all, where would the chinese and their economy be if it weren't for america? that's right. a lot more to come durg this hour. what this tax fairness mean? i will break down the numbers. folks like warren buffett don't want to talk about this. and aaa and unusual warning about a blend of gasoline. the federal government wants you to start using the gas. but will it damage your gerri: lok, i am no expert on media bias, but the media solving the fiscal cliff. the huffington post reporting that the offer to avert disaster sparks gop outrage. "the new york times", the front page story today that the tax code is less progressive than in 1980.
a time lashing over the fiscal cliff. the people's daily. did you ever read that one? they blasted our congress threatened to unleash what they called a self-created recession hurt the world economy. the paper went on to school lawmakers here saying that the u.s. should act like a responsible power. oh, boy. of course, china's interest is purely self-interest here. the last thing he needs it needs is a swdown in consumer spending. after all, where would the chinese and their economy be if it...
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Nov 29, 2012
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if they resolve the fiscal cliff and the economy remains growing, although kind of sluggish -- here is another scenario, we have a loss of revenue from growth money. we are in a situation where we will prepare for the best, hope for the best, but anticipate a negative growth in the economy. liz: there is actually what we are calling the twinkie of fact. it is a negative bidder twinkie affect. there is a hostess plant where you live. how many jobs will that drop-off, as far as employment is concerned? >> a few hundred. clearly, any kind of negative constriction of the marketplace impacts us. even if it is a negative state. clearly, here at home, the good news for us is we are going at a 3.5% rate now economically. we are creating jobs. we have a healthy economy and a great quality of life which is attracting people and businesses to utah. we do not have control over what happens in washington, d.c. we are being very cautious as we go forward waiting to see resolution, out of washington, d.c. liz: i saw a quote of something you said. i thought it was perfect for washington. compromise sh
if they resolve the fiscal cliff and the economy remains growing, although kind of sluggish -- here is another scenario, we have a loss of revenue from growth money. we are in a situation where we will prepare for the best, hope for the best, but anticipate a negative growth in the economy. liz: there is actually what we are calling the twinkie of fact. it is a negative bidder twinkie affect. there is a hostess plant where you live. how many jobs will that drop-off, as far as employment is...
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they avoid the fiscal cliff. we are talking about over $607 billion worth of money taken out of the economy next year. lou: i just want to put up the next cartoon that we have. it matters not which one you select. but this is one of my favorites. the debt commission saying it is very difficult. is very complicated and then cut spending. i don't think you could have cut better on to the essence of the issue. the absurdity creating obstacles to that resolution in washington d.c. >> but the problem here is that frankly there is a fine and out of capital that can be used up their divided either in the private sector which creates businesses and jobs and federal revenue or given to the government which is just a bureaucracy and creates nothing but bureaucratic management. if you look at the last gop congress and the expenditures, about two and half trillion dollars and now the president's proposals are about 4 trillion in spending with deficits and increased. it is the economy. lou: it truly is. and i want to also if
they avoid the fiscal cliff. we are talking about over $607 billion worth of money taken out of the economy next year. lou: i just want to put up the next cartoon that we have. it matters not which one you select. but this is one of my favorites. the debt commission saying it is very difficult. is very complicated and then cut spending. i don't think you could have cut better on to the essence of the issue. the absurdity creating obstacles to that resolution in washington d.c. >> but the...
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Nov 30, 2012
11/12
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liz: taxes might not be only thing facing increases from the fiscal cliff. look on your screen. milk prices. could they double if we fail to reach a deal? we're live on a farm we details on that possibility >> i'm sandra smith with your fox business brief. stocks spent the day drifting between gains and losses as investors focused their attention on washington and the fiscal cliff negotiations. amr looking for more time to submit a bankruptcy restructuring plan. the airline along with its creditors has filed a request in a manhattan bankruptcy court to extend its exclusive right deadline to march 11th. earlier this year amr said it would prefer to exit as a stand-alone company but is discussing merger options. >>> long island power authority chairman howard steinberg has reportedly resigned from his post effective immediately. that is according to news day. steinberg's resignation is a latest in string of departures following the criticism of the utility's company performance in the wake of superstorm sandy. that is the latest from the fox business network, giving you the power
liz: taxes might not be only thing facing increases from the fiscal cliff. look on your screen. milk prices. could they double if we fail to reach a deal? we're live on a farm we details on that possibility >> i'm sandra smith with your fox business brief. stocks spent the day drifting between gains and losses as investors focused their attention on washington and the fiscal cliff negotiations. amr looking for more time to submit a bankruptcy restructuring plan. the airline along with its...
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cliff and not knowing what it is going to mean to the economy they have been basically reining in business spending and hiring. i think actually it sets up for release of pent-up demand if you will in 2013 which could help the economy reaccelerate. dennis: mark, it seems to me like we've never been farther apart. with what geithner said this weekend, the only way we have compromise if the republicans raise rates on the rich. i'm just wondering, aren't we going off this cliff? >> well, dennis, i think we're likely to go off of it. the question is whether it is rendered into a slope versus a cliff. at this juncture seems unlikely give the fact we have a lame-duck congress. we have 20 days until the end of the year, the triggerr the fiscal cliff. obviously as you said, increasing acrimony across party lines as opposed to the happy talk we heard just after the election. i think though if the market saw there was at least a down payment on the fiscal cliff, something agreed to be picked up after the first of the year, i think equity prices would be eleased. if we see more polarization leading i
cliff and not knowing what it is going to mean to the economy they have been basically reining in business spending and hiring. i think actually it sets up for release of pent-up demand if you will in 2013 which could help the economy reaccelerate. dennis: mark, it seems to me like we've never been farther apart. with what geithner said this weekend, the only way we have compromise if the republicans raise rates on the rich. i'm just wondering, aren't we going off this cliff? >> well,...
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Nov 30, 2012
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. >> i am not a fan, by the way, never have been, i thought the fiscal cliff thing was ridiculous in the beginning. no, no, but prefacing my answer to you. stuart: higher taxes of this magnitude on an economy that's already weak with 8% unemployment, you do that and now it's not-- >> no, no, no, i do not believe that raising the marginal tax rates to the clinton rates for the wealthiest among us-- >> i knew you were going to say that, you're comparing a totally different economy. what we have now is 8% unemployment. very sluggish growth and a trillion dollar deficit every year. you propose to raise taxes in that environment and you're not going to get growth. >> don't you understand you need to off set-- if you're serious about debt reduction, i think you are, don't you understand you need revenue and spending cuts. stuart: and how do you get revenues. >> how. >> please, go ahead, go ahead. stuart: it's easy you lower tax rates and keep incentive to work harder. >> we've tried that. stuart: and you can't-- what. >> george bush tried that. look at the deficit we had. stuart: well, wai
. >> i am not a fan, by the way, never have been, i thought the fiscal cliff thing was ridiculous in the beginning. no, no, but prefacing my answer to you. stuart: higher taxes of this magnitude on an economy that's already weak with 8% unemployment, you do that and now it's not-- >> no, no, no, i do not believe that raising the marginal tax rates to the clinton rates for the wealthiest among us-- >> i knew you were going to say that, you're comparing a totally different...
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it's part of the fiscal cliff, because just like all of these other things, stuart, people are trying to move income out of 2013, into 2012, which makes this year look a little bit better than it should, but what it means is that when we hit january 1st, 2013, the economy's going to collapse as far as i can tell. stuart: whoa, whoa, collapse is a strong word, art. >> collapse as low as we are, i agree. stuart: now, the obamacare tax change is a change in the tax rate. >> yes. stuart: that's something that the president's absolutely insisting on. he wants tax rates to go up for the top two income brackets and that's being forced by the republicans. they don't want the rate to go up. they'll pay more in overall revenue, but don't want the rate to go up. your comments please on the president's stand-fast position on raising tax rates? >> well, rates are where the real action is, i mean, if you broaden the base and lowered rates, tax revenues on the rich went up. you'd have far less-- and the when you're growing the economy and profession of vobs and output, employment production. stuart:
it's part of the fiscal cliff, because just like all of these other things, stuart, people are trying to move income out of 2013, into 2012, which makes this year look a little bit better than it should, but what it means is that when we hit january 1st, 2013, the economy's going to collapse as far as i can tell. stuart: whoa, whoa, collapse is a strong word, art. >> collapse as low as we are, i agree. stuart: now, the obamacare tax change is a change in the tax rate. >> yes....
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cliff is already starting to hurt the economy, do you agree? >> you see that with the investment spending, and it can only get worse as we get closer to the end of the year as everybody holds their breath in the economy collectively, we have big problems. lori: one thing was the incredible amount of government spending especially on defense. one of the biggest issues is concerning. >> the issue really is what happened in the current quarter and going into the beginning of next year. other types of discretionary spending is as well. the total is $600 billion, the economy simply cannot withstand that sort of shock. we saw a week underlining detail report. know the economy will be soft in the current quarter due in part to hurricane sandy but also the slower trends in the various components. lori: 1.7 is the consensus estimate of expansion, what are you thinking? >> we're forecasting 1.3%. in the ballpark of 1.7 before hurricane made landfall. more of a ceiling than a floor at this point. lori: anything good to look forward to? >> things don't loo
cliff is already starting to hurt the economy, do you agree? >> you see that with the investment spending, and it can only get worse as we get closer to the end of the year as everybody holds their breath in the economy collectively, we have big problems. lori: one thing was the incredible amount of government spending especially on defense. one of the biggest issues is concerning. >> the issue really is what happened in the current quarter and going into the beginning of next year....